Sales Funnel refers to the buying process that companies lead customers through when purchasing products. A sales funnel is divided into several steps, which differ depending on the particular sales model. One common sales process is divided into six phases including:
Awareness Phase – in which prospects become aware of the existence of a solution.
Interest Phase – in which prospects demonstrate interest in a product by conducting product research.
Evaluation Phase – in which prospects or prospect companies examine competitors’ solutions as they inch toward a final buying decision.
Decision Phase – In which a final decision is reached and negotiation begins.
Purchase Phase – in which goods or services are purchased.
Repurchase Phase – in which a customer repurchases a product or service.